chase credit limit decrease

[lg8302ch]

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@enharu wrote:
If you have savings..... Why not use those savings to pay this down as well. I do understand you want to have some money to your name, but those credit card debt are money that you had spent. Those interest fees are just not worthwhile at all. Pay it down, and use your credit cards if emergencies do happen. After you are done paying them, it's never too late to start saving up again.

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+1

I really do not get why you do not immediately pay off with your savings and make a plan (and stick to it)  to fund your savings back up asap .. this would be interest free !

[CreditCrusader]

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@s_rob7488 wrote:

It is 100% my fault. Ive said that from the beginning. Excess spending not all from vacation. I didnt ask for you to judge the decisions I made, I simply asked for advice. If you feel like I dont deserve the time of day, so be it. The vehicles weve had for nearly 2 1/2 years and almost 1 year. 

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s_rob, this is the very definition of TOUGH LOVE. No one here wants you to fail, but you are making decisions that are leading you down the rabbit hole of financial despair and many of us have been there. Believe me, it isn't a pretty place.

Judging the decisions you made is the only way we can diagnose the problem and help you out of the darkness. If the advice seems harsh at times, know that it is intended to shake you into a different mode of thinking so you can make a better life for yourself...because the direction you are presently headed will lead to ruin. No one here wants that for you.

Just my 2 cents

[s_rob7488]

Thought I'd give a progress update....was able to get the money in a sum of roughly $21k and will be paying off and closing almost all of the accounts I had. I've already closed USAA, AMEX PRG, a local bank card I had for a long time, and will be closing discover, bank of america, citi x2, and chase csp. I am thinking of leaving 1 maybe 2 accounts total open, I am not really worried about what my ulitization or etc would be going forward as I have a strict budget in place and am only allowing myself access to checkbook and debit card. If I were to need a credit card for instances of emergencies etc my wife will have one. I don't have any of the cards for the accounts that are in process of being paid off and the others have been shredded along with the accounts closed. Only question I have would be my WF card is the one I've had longest, should I close it and keep either chase freedom or amex delta gold? The amex delta has a $95 AF so that might be out of the question. 

[myjourney]

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@s_rob7488 wrote:

Thought I'd give a progress update....was able to get the money in a sum of roughly $21k and will be paying off and closing almost all of the accounts I had. I've already closed USAA, AMEX PRG, a local bank card I had for a long time, and will be closing discover, bank of america, citi x2, and chase csp. I am thinking of leaving 1 maybe 2 accounts total open, I am not really worried about what my ulitization or etc would be going forward as I have a strict budget in place and am only allowing myself access to checkbook and debit card. If I were to need a credit card for instances of emergencies etc my wife will have one. I don't have any of the cards for the accounts that are in process of being paid off and the others have been shredded along with the accounts closed. Only question I have would be my WF card is the one I've had longest, should I close it and keep either chase freedom or amex delta gold? The amex delta has a $95 AF so that might be out of the question. 

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Glad to see a positive resolution to your situation...

As far as WF if you think you should keep it open and give to wife for safe keeping along with the freedom and amex....for positive history and emergencies only 

[s_rob7488]

If I were to keep only one open what should I keep? 

Edit: The Chase free is at 18.99% after promo period and WF is at 21.99% so I should probably see about getting the apr lowered after I chose which to keep. 

[myjourney]

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@s_rob7488 wrote:

If I were to keep only one open what should I keep? 

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If you had to IMHO Amex only because of the greater spending ability in the future

Edit but be aware Amex is balance chasing you at present and ,may still close YMMV I meant chase Oooops 

Keep Amex

[oscar_actuary]

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@s_rob7488 wrote:

I have a strict budget in place and am only allowing myself access to checkbook and debit card. If I were to need a credit card for instances of emergencies etc my wife will have one.  

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Now that is real progress.  Stick it out and pay down the 21k.  It will take patience.

[09Lexie]

Looks like you've accomplished a lot in a little time. Keep up the good work and I would definitely keep an Amex open.

[Anonymous]

@oscar_actuary wrote:

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@s_rob7488 wrote:

I have a strict budget in place and am only allowing myself access to checkbook and debit card. If I were to need a credit card for instances of emergencies etc my wife will have one.  

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Now that is real progress.  Stick it out and pay down the 21k.  It will take patience.

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+1
OP, it took alot of courage to share your situation and ask for advice. Some posters provide some useful info while others keep asking "how did you let this happen" or similar questions. In the end, you made a plan to tackle the issue instead of putting a band-aid on it.